For those searching for fresh breakouts in the cannabis patch this week, look no further than Emerald Health Therapeutics Inc (OTCMKTS:EMHTF). Shares of the stock powered higher, to break above the 50-day moving average and nearly test the critical $3/share level out of the gates. Helping to drive the action, the company just announced that its 50%-owned joint venture focused on large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, received from Health Canada its sixth amendment to its cultivation license for its 1.1 million square foot greenhouse in Delta, BC.

According to the release, “The additional approximately 138,000 square feet brings Pure Sunfarms’ total licensed cannabis production area to approximately 825,000 square feet. The newly licensed area is expected to be fully planted and in production this week.”

Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) trumpets itself as a licensed producer of medical marijuana under the Access to Cannabis for Medical Purposes Regulations, which allows the company to produce and sell medical marijuana and cannabis oils to clients and other licensed producers.

Individuals may become clients of the company by registering with the company through its secure online portal or via telephone after the individual has received a medical document signed by a licensed health care practitioner setting out the daily quantity of dried marijuana, in grams, that the practitioner authorized for the person.

According to company materials, “Emerald Health Therapeutics Inc (OTCMKTS:EMHTF) operates through Emerald Health Botanicals Inc., a wholly owned subsidiary and Licensed Producer under the Access to Cannabis for Medical Purposes Regulations. Botanicals is authorized to produce and sell both dried medical cannabis flower and medical cannabis oil in Canada. Botanicals currently operates an indoor facility in Victoria, BC, and is progressing on expansion plans for a 32-acre property in Metro Vancouver and a partnership with Village Farms, called Pure Sunfarms, utilizing a 25-acre existing greenhouse complex in Delta, BC. Botanicals is one of Canada’s most medically focused licensed producers, with a team highly experienced in life sciences product development and large-scale agribusiness. Its vision is to be a leading provider of cannabis products through its production capabilities, proprietary genetics, value-added products and branding, and superb customer experience. Emerald Health Therapeutics is associated with the Emerald Health group, which comprises multiple companies advancing diverse botanical, nutraceutical and pharmaceutical products that may provide wellness and medical benefits by interacting with the body’s endocannabinoid system.”

Find out when $EMHTF reaches critical levels. Subscribe to OracleDispatch.com Right Now by entering your Email in the box below.

As noted above, EMHTF just announced that its 50%-owned joint venture focused on large-scale, low-cost, high-quality cannabis production, Pure Sunfarms, received from Health Canada its sixth amendment to its cultivation license for its 1.1 million square foot greenhouse in Delta, BC.

Recent action has seen 36% tacked on to share pricing for the company in the past month. Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 29% over the long run average.

“With deep cannabis and large-scale greenhouse growing expertise, established operational systems, and cannabis strains well-suited to a greenhouse environment, we expect Pure Sunfarms’ leadership in optimized greenhouse cannabis growing to achieve attractive quality, yield, and profitability,” said Dr. Avtar Dhillon, Executive Chairman and President of Emerald. “We expect this facility to be in full production in the first half of 2019. With Emerald’s supply agreement for 40% of Pure Sunfarms’ 2019 production along with our Quebec and hemp operations, we are strongly positioned for quarter to quarter sales growth.”

Earning a current market cap value of $367.15M, EMHTF has a significant war chest ($52.9M) of cash on the books, which must be weighed relative to about $30.7M in total current liabilities. One should also note that debt has been growing over recent quarters. EMHTF is pulling in trailing 12-month revenues of $1.3M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 51.9%. This is an exciting story, and we look forward to a follow-up chapter as events transpire. Sign-up for continuing coverage on shares of $EMHTF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!

Disclosure: we hold no position in $EMHTF, either long or short, and we have not been compensated for this article.

Welcome to the Oracle Dispatch, a free online newspaper packed with exclusive content, news, articles and much more!
Each day you’ll receive the latest business and industry news, financial analysis and much more.
All this, and it’s free.
Join the thousands of Oracle Dispatch users who are already with us!
If you have any questions please visit contacts page.